Four Pillars Community Housing CCC Inc. is a Community Contribution Company that in its articles commits to distributing at least 60% of all profits to qualified entities (i.e. Non-Profit Housing Providers). We have developed a model that can help communities start ‘Building Solutions to the Housing Crisis’. The four pillars of affordable housing are: Zero cost lan, Below Market Financing, Expedited Delivery and Revenue Generation.
The First Pillar – Zero Cost Land
There are numerous sources of zero cost land:
- Non-Profit Housing Providers, faith groups and service clubs.
- Homeowners that can now add secondary suites or multiplex developments on their property.
- Companies that have landholdings that could be joint ventured to include affordable housing.
- Municipal, provincial and federal land
The Second Pillar – Below Market Financing
Canadians have trillions in RRSP and TFSA accounts. If one percent of that money was leveraged for new, affordable housing we can build our way out of the crisis. Our target bond rate is two percent and we project that half of the bond purchasers will donate the interest back to the issuer.
The Third Pillar – Expedited Delivery
Modular and prefabrication systems and technologies as well as accelerated permitting and approval processes from municipalities can speed up delivery and provide significant cost reductions
The Fourth Pillar – Revenue Generation
Unfortunately even with the first three pillars it is almost impossible to deliver affordable housing in our major urban centres without revenue generation. New approaches and new models need to be deployed to insure that affordable housing projects can cash flow and be sustainable over the long-term.
Problem:
Non-Profits have billions of dollars land and property that can be redeveloped at much higher densities but the problem is where do you house tenants displaced during redevelopment?
Solution:
Create a model for Interim Residences (100-200 units) that can house existing tenants during redevelopment. One third of the units at below market, one third at mid and near market and the last third to generate revenue to ensure sustainability. Revenue generation will be different for each development but could include, for example, an Indigenous Arts & Culture Hotel, workplace and student housing, office and community space rentals and short/medium term executive rentals.
With the new housing legislation allowing for gentle density on residential property there are tens of thousands of potential sites to add secondary suites, Auxillary Dwelling Units (ADU -laneway/carriage homes), duplex and/or multiplex homes in Vancouver alone.
First Step:
We are about to lunch ‘I Invest in Housing’ a market research and community outreach campaign to determine community bond rates and terms as well as homeowner interest in placing an ADU on their property.
We are building a Coalition of the Concerned and are seeking supporters and sponsors to fund this campaign. Please reach out to us by email or call Joseph at: 778-835-5801.